The Finance Ph.D. program seeks to admit students with the highest possible aptitude and potential for academic careers. Admission is based on the applicant’s background and accomplishments, potential for academic and professional success, stated educational and professional goals, and letters of recommendation. Decisions are made by a faculty committee and depend upon available space and the qualifications of the other applicants.

Admission Requirements

Minimum requirements for admission are as follows:

  • Completion of a baccalaureate degree from an accredited U.S. institution or its equivalent from a university in another country.
  • The minimum acceptable grade point average for admission is a 3.0 average (A = 4.0) in the last 60 hours of undergraduate coursework and in all graduate coursework.
  • Acceptable scores on the verbal and quantitative sections of the Graduate Management Admission Test (GMAT). While there is no required minimum score, the average score of students admitted in recent years is over 700. The Graduate Record Examination (GRE), with an average quantitative score being 160, is accepted as a substitute for the GMAT. GRE scores are reported electronically by the Electronic Testing Service (ETS).  Please self-report your score on your application and request ETS to report your score electronically to the University of Illinois (Institution Code 1836, Department Code 4102).
  • International applicants from countries whose first language is not English are required to submit results of the Test of English as a Foreign Language (TOEFL). Certain international applicants are exempt from the TOEFL requirement. Please see “English Proficiency Requirements” for details.
  • The minimum requirement of a TOEFL score for full admittance is 103. IELTS is also accepted. Please be aware that if you are admitted into the program you will be required to provide a TOEFL score in order to fulfill the TA requirement. Please request the Educational Testing Service send scores to the University of Illinois at Urbana-Champaign using our institution code number 1836 and department code 4102.

    TOEFL (Test of English as a Foreign Language)


    IELTS (International English Language Testing System)

    IELTS is jointly owned by University of Cambridge ESOL Examinations (Cambridge ESOL), British Council and IDP Education Australia: IELTS Australia.


  • Current students of the University of Illinois must complete an online application.